Implementation tool for auditors: CAS 315 – Understanding the entity through internal control

Learn about common pitfalls auditors might encounter when applying certain requirements of CAS 315, as it relates to obtaining an understanding of internal control.

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This Implementation Tool for Auditors discusses specific requirements of CAS 315 that were identified through practice inspection as areas where auditors struggle to meet the requirements of CAS 315. Providing the auditor with an understanding of these common pitfalls, the tool offers an approach for appropriately identifying and assessing the risks of material misstatement through understanding the entity and its environment, including the entity’s internal control.

Topics include:

  • identified common pitfalls
  • applicable handbook requirements
  • continuous improvement tips